Case Study by

Finance on an unencumbered property for refurbishment and onward purchase

21 May 2017

Enness is always pleased to receive referrals from pre-existing clients. I recently worked on a case for a financial consultant who needed a quick turnaround, and had been recommended to approach Enness for help. My client wanted to raise finance on an unencumbered property for two reasons. Firstly, he wanted to refurbish his current property. He also hoped to purchase another property, as he had an immediate property investment opportunity that required a cash buyer. His current property was located in North West London and valued at £1.7million.

He was in his early forties with two dependents. In his capacity as a consultant, his work and income varied throughout the year. He was also a self-employed sole trader. Securing finance as a self-employed sole trader can be challenging; this can be a risky position as whilst he was entitled to keep all of the post-tax profits, he was also liable for potential losses. As he was faced with a time-sensitive investment opportunity, he also required a very fast turnaround, which can be difficult to achieve.

OUR SOLUTION

I therefore used a lender that I have an excellent relationship with, and was able to present his application favourably to them to reassure them about his self-employed status. One of my client’s key considerations was securing the cheapest possible rate. This lender was therefore suitable as they were in fact offering the cheapest 5-year fixed rate available at the time for this circumstance. They were also able to satisfy my client’s desire for a speedy turnaround, and they produced the offer within the week. I secured him a 1.7% 5-year fixed rate over 18 years, in a very timely manner—a fantastic result.

In this instance, I was also able to assist my client by referring him to one of our trusted legal partners. We work closely with experienced legal professionals who are committed to ensuring your property buying process runs efficiently and with complete transparency at every point, and can introduce you to an appropriate point of contact.

Important information

Enness Limited is directly authorised and regulated by the Financial Conduct Authority.

You can check our details on their public register through fca.org.uk using our firms’ reference number 565120. Registered address: Haskell House, 152 West End Lane, London, NW6 1SD. Registered in England and Wales under Company No. 07760090.

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Enness Limited (DIFC Representative Office) is regulated by the Dubai Financial Services Authority (“DFSA”) as a Representative Office. It is authorised to conduct marketing of financial services and financial products offered from a location outside the DIFC in connection with the Enness Group. It does not give banking or financial advice and the information contained on this website is not an invitation to buy or sell securities.

IF YOU’RE CONSIDERING CONSOLIDATING DEBT AGAINST YOUR MAIN HOME, THEN PLEASE THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.